Leaving my Employer's Investment Plan - options?
Hello experienced investors,
Recently I've lost my job, and the relatively attractive employer's investment plan with the employer matching scheme, and lower MER. Now I have a few weeks to decide if I want to stay with Manulife, or would I be better off if I move my investments elsewhere.
Currently, I have there my Registered Pension Plan of about $34k, Structured RRSP of about $15k, and TFSA of about $31k. Right now it shows the total of about $80k.
Manulife has offered that I move in their Advantage Group plan. They said that with it, I could still enjoy a group plan. The smallest Investment Management Fee that I will have to pay under this plan is 1.55% ( for some index funds). Most are in the range of 1.60-1.90.
They said that other financial institution would want me to pay even over 2% in MER. I strongly suspect that this is not true.
Now looking for alternatives. Withdrawal would cost me $25 for each of my three accounts. However, a move might still be a better option financially. Or may be the recipient financial institution would even reimburse me, for my 80k package?
Any recommendations? I am not an expert investor, although I'd like to put some effort in it.
Thanks so much!
Recently I've lost my job, and the relatively attractive employer's investment plan with the employer matching scheme, and lower MER. Now I have a few weeks to decide if I want to stay with Manulife, or would I be better off if I move my investments elsewhere.
Currently, I have there my Registered Pension Plan of about $34k, Structured RRSP of about $15k, and TFSA of about $31k. Right now it shows the total of about $80k.
Manulife has offered that I move in their Advantage Group plan. They said that with it, I could still enjoy a group plan. The smallest Investment Management Fee that I will have to pay under this plan is 1.55% ( for some index funds). Most are in the range of 1.60-1.90.
They said that other financial institution would want me to pay even over 2% in MER. I strongly suspect that this is not true.
Now looking for alternatives. Withdrawal would cost me $25 for each of my three accounts. However, a move might still be a better option financially. Or may be the recipient financial institution would even reimburse me, for my 80k package?
Any recommendations? I am not an expert investor, although I'd like to put some effort in it.
Thanks so much!
Last edited by Leasiderin on Jun 14th, 2018 7:43 am, edited 1 time in total.